• Prior was 5.7 (the estimate was 14.0)

• New orders 22.2 vs. +3.5 prior
• Shipments 24.4 vs. +8.6 prior
• Prices paid 52.3 vs. +61.0 prior
• Prices received 27.6 vs +31.4 prior
• Employment 11.4 vs +9.6 prior
• Supply availability -10.0 vs -13.9 prior
• Delivery time 13.0 versus 11.9 prior.
• Inventories 4.0 versus 0.0 prior.
• Average employee workweek 2.8 versus 5.1 prior.
• Unfilled orders 5.0 versus 5.0 prior

6- month forward expectations and components

• Six-month outlook 27.9 vs +30.1 prior
• new orders 33.2 versus 32.4 prior.
• Shipments 30.6 versus 32.2 prior.
• Unfilled orders -3 versus 8.9 prior.
• Delivery time -4.0 versus 7.9 prior.
• Inventories 10.0 versus 8.9 prior.
• Prices paid 53.0 versus 59.4 prior.
• Prices received 41.9 versus 51.6 prior
• employees 14.4 versus 20.9 prior.
• Average employee workweek 2.0 versus 7.9 prior.
• Capital expenditures 15.0 versus 10.9 prior.
• Supply availability minus a .0 versus my 6.9 prior

“New York State manufacturing activity increased substantially in July, with new orders and shipments picking up sharply. Employment grew for a sixth consecutive month. Price increases remained elevated and supply availability continued to worsen. ” px; margin: 0px 0px 20px; padding: 0px 0px 0px 19px; font-family: Inter, InterFallback, serif; list-style: outside; text-indent: -3px; color: rgb(0, 0, 0); letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px;”>

• Prior was 5.7 (the estimate was 14.0)

• New orders 22.2 vs. +3.5 prior
• Shipments 24.4 vs. +8.6 prior
• Prices paid 52.3 vs. +61.0 prior
• Prices received 27.6 vs +31.4 prior
• Employment 11.4 vs +9.6 prior
• Supply availability -10.0 vs -13.9 prior
• Delivery time 13.0 versus 11.9 prior.
• Inventories 4.0 versus 0.0 prior.
• Average employee workweek 2.8 versus 5.1 prior.
• Unfilled orders 5.0 versus 5.0 prior

6- month forward expectations and components

• Six-month outlook 27.9 vs +30.1 prior
• new orders 33.2 versus 32.4 prior.
• Shipments 30.6 versus 32.2 prior.
• Unfilled orders -3 versus 8.9 prior.
• Delivery time -4.0 versus 7.9 prior.
• Inventories 10.0 versus 8.9 prior.
• Prices paid 53.0 versus 59.4 prior.
• Prices received 41.9 versus 51.6 prior
• employees 14.4 versus 20.9 prior.
• Average employee workweek 2.0 versus 7.9 prior.
• Capital expenditures 15.0 versus 10.9 prior.
• Supply availability minus a .0 versus my 6.9 prior

“New York State manufacturing activity increased substantially in July, with new orders and shipments picking up sharply. Employment grew for a sixth consecutive month. Price increases remained elevated and supply availability continued to worsen. ” ; margin: 0 0 20px; padding: 0 0 0 19px; font-family: Inter, InterFallback, serif; list-style: outside; text-indent: -3px; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px”>

Prior was 5.7 (the estimate was 14.0)

• New orders 22.2 vs. +3.5 prior
• Shipments 24.4 vs. +8.6 prior
• Prices paid 52.3 vs. +61.0 prior
• Prices received 27.6 vs +31.4 prior
• Employment 11.4 vs +9.6 prior
• Supply availability -10.0 vs -13.9 prior
• Delivery time 13.0 versus 11.9 prior.
• Inventories 4.0 versus 0.0 prior.
• Average employee workweek 2.8 versus 5.1 prior.
• Unfilled orders 5.0 versus 5.0 prior

6- month forward expectations and components

• Six-month outlook 27.9 vs +30.1 prior
• new orders 33.2 versus 32.4 prior.
• Shipments 30.6 versus 32.2 prior.
• Unfilled orders -3 versus 8.9 prior.
• Delivery time -4.0 versus 7.9 prior.
• Inventories 10.0 versus 8.9 prior.
• Prices paid 53.0 versus 59.4 prior.
• Prices received 41.9 versus 51.6 prior
• employees 14.4 versus 20.9 prior.
• Average employee workweek 2.0 versus 7.9 prior.
• Capital expenditures 15.0 versus 10.9 prior.
• Supply availability minus a .0 versus my 6.9 prior

“New York State manufacturing activity increased substantially in July, with new orders and shipments picking up sharply. Employment grew for a sixth consecutive month. Price increases remained elevated and supply availability continued to worsen. ” px; margin: 0px 0px 20px; padding: 0px 0px 0px 19px; font-family: Inter, InterFallback, serif; list-style: outside; text-indent: -3px; color: rgb(0, 0, 0); letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px;”>

• Prior was 5.7 (the estimate was 14.0)

• New orders 22.2 vs. +3.5 prior
• Shipments 24.4 vs. +8.6 prior
• Prices paid 52.3 vs. +61.0 prior
• Prices received 27.6 vs +31.4 prior
• Employment 11.4 vs +9.6 prior
• Supply availability -10.0 vs -13.9 prior
• Delivery time 13.0 versus 11.9 prior.
• Inventories 4.0 versus 0.0 prior.
• Average employee workweek 2.8 versus 5.1 prior.
• Unfilled orders 5.0 versus 5.0 prior

6- month forward expectations and components

• Six-month outlook 27.9 vs +30.1 prior
• new orders 33.2 versus 32.4 prior.
• Shipments 30.6 versus 32.2 prior.
• Unfilled orders -3 versus 8.9 prior.
• Delivery time -4.0 versus 7.9 prior.
• Inventories 10.0 versus 8.9 prior.
• Prices paid 53.0 versus 59.4 prior.
• Prices received 41.9 versus 51.6 prior
• employees 14.4 versus 20.9 prior.
• Average employee workweek 2.0 versus 7.9 prior.
• Capital expenditures 15.0 versus 10.9 prior.
• Supply availability minus a .0 versus my 6.9 prior

“New York State manufacturing activity increased substantially in July, with new orders and shipments picking up sharply. Employment grew for a sixth consecutive month. Price increases remained elevated and supply availability continued to worsen. ” ~Richard Deitz, Economic Research Advisor at the New York Fed

The New York Empire State Manufacturing Survey showed a notable improvement in July, signaling stronger business activity across the state’s manufacturing sector. The general business conditions index climbed 10 points to 15.6, as firms reported stronger shipments and rising employment. While production and selling prices continued to increase, the pace of input cost growth eased slightly. Despite ongoing labor shortages and longer delivery times, manufacturers remained optimistic that business conditions will continue to improve in the months ahead.

Of note is the prior month estimate was 14.0. This month took us back to that area. In May the index was at 19.6.  So the dip last month has been recovered and we are back to where we were but also near recent highs.  Good news and inflation is moving lower too.  

This article was written by Greg Michalowski at investinglive.com.